You'll own nothing and you'll be happy. I imagine soon you will no longer be able to "buy" a phone, you'll only be able to rent one. The phone, and all of the data that it collects and stores, will remain the property of globohomocorp, you will only have access to the contents (photos, files, etc) so long as you keep paying rent. You'll only be allowed to rent a phone if you don't violate the "Terms of Service".